Question 1. You open an account at a savings bank with a deposit of $1,000....
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Accounting
Question 1. You open an account at a savings bank with a deposit of $1,000. It pays interest of 0.1% per month - compounded monthly.
(i) If you add $100 each month, how much will you have after 1 year?
(ii) Use the linear approximation to the account formula to find how many months it takes to reach $3000 when you add $100 a month.
(iii) How much should you add to the account each month if you wish to have a balance of at least $2000 after 1 year.
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